Need to stop Foreclosure on your home fast? Read this…

Oct 9, 2013 by

When the foreclosure proceedings begin, you need to move faster than ever if you plan to stop the foreclosure process.  With home values rising, banks are acting faster.  In fact, foreclosure filings rose in 26 states last month, and homes are given on average 90 days to get their payments in order.

You need to understand are your options. You can either:

  • Sell your home with an investor as-is for fast cash
  • Short sale
  • Hire a foreclosure defense attorney
  • File bankruptcy
  • Loan modification program
  • Have your home refinanced

If you want to save your home, your best option is to refinance or to work out a loan modification with your lender.  Immediate action will be necessary.  Explain your situation to your bank and ask what foreclosure options are available to you.

Short sales are an option, but must be approved by your bank.  In a short sale, your home is sold short of the balance.  Your bank may also offer you a relocation fund that can be up to $3K.   A short sale is much less dramatic to your credit than a foreclosure, and many times allows you to stay in your home longer.

For a fast sale, cash in your pocket and no damage to your credit, an investor is the solution.  A good investor, like TRAM Homes, can have your home sold quickly, and in as-is condition; avoiding foreclosure.

Bankruptcy should be a last resort and avoided if at all possible.  If you see no other solution, speak with an attorney first.